Credit Score Update: Nowadays, most of the employed or business people are faced with the term credit score or CIBIL score.
It has become one of the most important things for loan or bank related work.
Credit score is also called CIBIL score.
The CIBIL score is recorded on the credit report.
CIBIL Report is issued by TransUnion CIBIL Limited (formerly: Credit Information Bureau (India) Limited) Company.
It is also called CIBIL Company.
Credit score is a 3-digit number, according to which the decision of granting business loan or other loan is taken or not.
Credit score is ascertained through PAN number.
What is the civil score required for the loan?
Often a question comes that what should be the civil score for the loan? There is no fixed answer or number for this.
There is no fixed CIBIL score that can be said that if you have that score, you will get a personal loan.
However, most banks consider a CIBIL score of 750 and above as a good one.
This is considered as one of the first conditions to be eligible for the loan.
Having a high credit score can also help you get a higher loan amount.
That too at better interest rates and for preferred repayment tenure.
What is my credit score?
To know your credit score, first you have to create your account by visiting the website of CIBIL company.
The credit score is initially checked for free, but later a fee has to be paid for it.
What is a Free Credit Score?
Free credit score is a facility that CIBIL company provides to all the customers.
In Free Credit Score, only the basic version of the credit score is available.
To know the details of your credit score, one has to buy the paid version of CIBIL company.
How to increase credit score?
When the credit score goes down, many problems arise.
But you can also improve your credit score.
Follow these steps:
1- Pay the EMI of the existing loan on time.
2- Do not ask more for loan.
4- Take out only one loan at a time.
5- Don’t let EMI bounce.
What is this ‘Good Credit Score’?
If a customer’s CIBIL score is more than 700, then it is called ‘Good Credit Score’.
If the CIBIL score is more than 800 then it is called Very Good CIBIL Score.
Your credit score determines whether you will get the loan or not.
That’s why credit score is very important.